Payroll Data Drags On Stocks; Alcoa, Sears, Noah Tumble

Stocks opened higher Friday, then quickly reversed to losses on the heels of an unexpectedly weak December payroll report.

The Dow Jones industrial average slumped 0.3%. The Nasdaq and S&P 500 each traded 0.2% lower.

Volume rose 6% on the NYSE and dipped 5% on the Nasdaq vs. the same time Thursday.

The stock market today was surprised by the Labor Department's December payroll data showing the weakest U.S. job growth in three years. Bad weather appeared to be a contributing factor, but the disappointing numbers nevertheless raised questions about whether the Federal Reserve will alter its stimulus tapering plans.

Wholesale inventory growth slowed to 0.4% in November, the Commerce Department said. That was less than half October's 1.4% increase, but in line with economist projections for a 0.5% gain.

In stocks, Alcoa (AA) skidded 7% after its Q4 earnings, reported late Thursday, fell further than expected.

Sears Holdings (SHLD) unraveled 15%, diving to a 12-month low after reporting a 7% drop in holiday season same-store-sales and projecting a wider than expected loss in the fourth quarter.

Leaders opened in a narrow range, with few IBD 50 stocks venturing beyond 1% gains and slipping below 1%.

Noah Holdings (NOAH) tumbled 3%, pointing the stock toward its seventh loss in the past eight weeks. It is just above the 200-day moving average.

Ambarella (AMBA) also slumped 3%, putting it down 9% for the week as it pulls back from Tuesday's high.

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07/28/2015 08:19 PM ET

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Investor’s Business Daily provides exclusive stock lists, investing data, stock market research, education and the latest financial and business news to help investors make more money in the stock market. All of IBD’s products and features are based on the CAN SLIM® Investing System developed by IBD’s Founder William J. O’Neil, who identified the seven common characteristics that winning stocks display before making huge price gains. Each letter of CAN SLIM represents one of those traits.

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